Auto Loans in Springfield (OH)

In Springfield, there are several options for getting an auto loan, but few companies have refined the experience like us.

Our industry partnerships are first rate, and we have one of the highest success rates in the market. We connect you to a financing professional who’ll direct you each step of the way.

New Car Loans in Springfield

New vehicles obviously aren’t cheap, and they depreciate at an incredible rate. For this reason, you should consider one only if you are capable of fulfilling the following criteria.

  • You are willing to keep the car until the bank has been paid back.
  • You plan to offer at least 20% of the price upfront.
  • You are prepared to deal with a car that is worth less than you owe .

An auto loan is a greater obligation than a lease, but when you finance a car, you end up being the owner of it.

Auto Loans for Used Cars in Springfield

Nowadays, cars and trucks can go thousands and thousands of miles before running into problems, meaning a used car or truck is scarcely an issue from a maintenance perspective.

Because they’ve already experienced that first depreciation, used vehicles call for lower down payments, ordinarily 10% of the vehicle’s purchase price. If you are wary of maintenance, you can get a late model vehicle with excellent dependability. Ultimately, a preowned vehicle is generally the better investment.

Bad Credit Car Loans in Springfield

Traditional lenders like banks typically fund loans only for people with very solid credit. That is, scores of 700 or more. Too many people resort to a buy here pay here dealership in Springfield, due to a bankruptcy or repossession, but chances are you can get a car loan at a more affordable rate from a subprime auto finance company. When you submit your application through Buckeye Auto Finance, we work to place your application with a dealer or lender in your area who wants to approve you for financing.

If you have bad credit, your finance specialist will talk to you about financing before you look at vehicles. To ensure your application information is correct, you will probably need to present the documentation below:

  • Driver’s License
  • Proof of Income
  • Proof of Residence
  • Proof of Insurance

No matter your credit, there should be a vehicle for which you can get approved. You’re encouraged to look for a payment that is around 5 to 10% of your monthly income. If you earn $2,743 per month, this would be a payment of $137 (5%) to $274 (10%).

Springfield Buy Here Pay Here Dealerships

Considering financing a car through a BHPH dealer on account of bad credit? Usually, there are more attractive options. Such car lots provide auto loans directly, in contrast to traditional dealers which farm this out to separate lenders, and they regard your job as your credit. Downsides include:

  • Excessive APR Rates
  • Massive Down Payments
  • Overpriced Vehicles
  • Ignition Kill-Switches

Because of this, these retailers don’t have a very good track record. We can connect you with dealer finance professional who can get you in the car or truck you need, even if you have bad credit.

Springfield Income and Finances

  • Yearly Income: $32,919
  • Monthly Income: $32,919
  • Ideal Car Payment: $219 (8% of monthly income)

Vehicle Finance Budgeting for Springfield Consumers

In the end, the optimum auto loan is as follows: down payment of 20%, car payment of 8% of monthly income, and term length of 60 months or less. Provided an income of $2,743 per month, let’s consider how much car you could buy based upon your credit.

Prime Credit Okay Credit Subprime Credit
Monthly Installment $219 $219 $219
Rate 3.50% 7.00% 11.00%
Car Price $15,078 $13,853 $12,616
Money Down $3,016 $2,771 $2,523
Amount Borrowed $12,063 $11,082 $10,093
Total Interest $1,104 $2,084 $3,074
Total Paid $16,182 $15,937 $15,690